Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 11 the following december 31,2024, fisc

Question 11 The following December 31,2024, fiscal year-end account balance information is available...

60.1K

Verified Solution

Question

Accounting

Question 11
The following December 31,2024, fiscal year-end account balance information is available for the XYZ Corporation:
Cash and cash equivalents
$5,800
Accounts receivable (net)
28,000
Inventory
68,000
Property, plant, and equipment (net)
160,000
47,000
Accounts payable
19,000
Salaries payable
140,000
Paid-in capital
The only asset not listed is short-term investments. The only liabilities not listed are $38,000 notes payable due in tw years and related accrued interest payable of $1,000 due in four months. The current ratio at year-end is 1.6:1.
Required:
Determine the following at December 31,2024:
Total Current assets:
Short-term investments
Retained earnings
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students